STR Weekly Numbers Show Improvement In Easy Comp Week
The impact of the Republican National Convention, held 1-4 September 2008 in Minneapolis-St. Paul, Minnesota-Wisconsin, also played a role in the weekly results. The difficult year-over-year comparisons resulted in the market reporting the largest decreases in all three key metrics. Occupancy dropped 21.9 percent to 61.5 percent, average daily rate fell 49.2 percent to US$89.22, and revenue per available room decreased 60.3 percent to US$54.88.
Among the Top 25 Markets, Norfolk-Virginia Beach, Virginia, reported the largest double-digit occupancy increase, jumping 16.5 percent to 54.8 percent, followed by San Francisco/San Mateo, California (+13.5 percent to 82.0 percent) and Tampa-St. Petersburg, Florida (+12.8 percent to 41.6 percent.
Atlanta, Georgia (+7.2 percent to US$87.62) and Norfolk-Virginia Beach (+4.2 percent to US$94.93) were the only markets to report ADR increases.
Norfolk-Virginia Beach jumped 21.5 percent in RevPAR to US$51.98—the largest increase in that metric—followed by San Francisco (+4.1 percent to US$109.55) and Tampa-St. Petersburg (+3.3 percent to US$33.58).